Global insulin delivery devices market expected to generate revenue of around USD 18.5 billion by 2024, growing at a CAGR of around 8.9% between 2018 and 2024. Insulin has to be injected under the skin into the fatty tissue. A wide variety of devices are employed for the supply of insulin, including pens, syringes, injectors, and pumps.
The report covers forecast and analysis for the insulin delivery devices market on a global and regional level. The study provides historical data from 2015 to 2017 along with a forecast from 2018 to 2024 based on revenue (USD Billion). The study includes drivers and restraints for the insulin delivery devices market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the insulin delivery devices market on a global as well as regional level.
In order to give the users of this report a comprehensive view of the insulin delivery devices market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein Product segment is benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the insulin delivery devices market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research& development, and regional expansion of major participants involved in the insulin delivery devices market on a global and regional basis.
The study provides a decisive view on the insulin delivery devices market by segmenting the market based on product, distribution channel, and region. The segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2024. Based on the product, the insulin delivery devices market has been segmented into insulin pens, insulin syringes, and insulin pumps. Insulin pens hold the majority share of the product segment, due to increased demand for improved diabetes management and minimally invasive property of pens. The distribution channel segment has been segmented into diabetes clinics and centers, retail pharmacy, hospital pharmacy, and online sales.
The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa with its further bifurcation into major countries including the U.S. Canada, Germany, France, UK, China, Japan, India, and Brazil. This segmentation includes demand for insulin delivery devices based on individual segments and types in all regions and countries.
The report also includes detailed profiles of end players, such as Eli Lilly and Company, Medtronic plc., B. Braun Melsungen AG, Sanofi S.A., Novo Nordisk A/S, F. Hoffmann-La Roche Ltd., Biocon Ltd., Becton, Dickinson and Company, Valeritas, Inc., MannKind Corporation, and Insulet Corporation, among others.
This report segments the global insulin delivery devices market as follows:
Global Insulin Delivery Devices Market: By Product
Global Insulin Delivery Devices Market: By Distribution Channel
Global Insulin Delivery Devices Market: By Region
Insulin, a peptide hormone, is manufactured by beta cells present in the pancreatic islets. It is regarded as the major anabolic hormone of the human body. It coordinates the metabolism of proteins, fats, and carbohydrates by stimulating the assimilation of carbohydrates, majorly glucose into fat, liver, and skeletal muscle cells from the blood. Insulin helps in maintaining the blood sugar level. If a person’s body is incapable of producing enough insulin or the cells are impervious to insulin effects, then that person might become hyperglycemic (elevated blood sugar).
Diabetes affects the body’s capability to process blood sugar. Gestational diabetes, type 1, and type 2 are three major diabetes types. Gestational diabetes occurs in females during pregnancy. Type 1 diabetes is developed when the body is incapable of producing insulin. People with diabetes type 1 are completely dependent on insulin and have to intake artificial insulin on a daily basis. Type 2 diabetes affects the body’s utilization of insulin. It is the most prevalent diabetes type. Multiple studies have found obesity to be the major cause of type 2 diabetes. Insulin is an essential part of therapy for patients with types 1 and 2 diabetes. Multiple devices are used for insulin delivery, such as including pens, syringes, injectors, and pumps.
As per the WHO, the diabetic population has grown from 108 million adults in 1980 to approximately 422 million adults in 2014. Furthermore, diabetic prevalence globally has doubled from 4.7% in 1980 to around 8.5% in 2014. According to the latest statistics for the United States of 2017, approximately 30 million people have diabetes, out of which around 24 million patients were diagnosed and around 6 million patients continue to be undiagnosed.
Rise in chronic diseases associated with diabetes, injury recovery time, increase in the demand for insulin transmission products, and growing awareness regarding insulin delivery products are likely to act as major growth driving factors in the global insulin delivery devices market. Furthermore, increase in the occurrences of pediatric and geriatric diabetes, various advantages offered by minimally invasive treatment options, such as pumps, improved functioning and design of insulin devices, unhealthy eating habits, lack of active lifestyle, increasing healthcare expenditure, and increasing research and development activities, are also projected to propel this market’s growth. Efforts taken by various governments and non-government organizations to increase awareness regarding insulin devices and rapid advancements in the technology are anticipated to act as opportunities for the players operating in the insulin delivery devices market. However, the high cost of insulin devices, the discrepancy in insulin uptake adherence, needle-phobia of many individuals, resistance to self-injection, inadequate per capita expenditure on diabetes, and the absence of insurance and reimbursement in developing regions might restrict the global insulin delivery devices market.
The global insulin delivery devices market is segmented based on product and distribution channel. By product, the insulin delivery devices market is classified into insulin pens, insulin syringes, and insulin pumps. Insulin pens hold the majority market share, due to increased demand for improved diabetes management and minimally invasive property of pens. The distribution channel segment includes diabetes clinics and centers, retail pharmacy, hospital pharmacy, and online sales.
North America is likely to be the leading region during the forecast time period. Increasing prevalence of diabetes mellitus, growing espousal of an unhealthy diet are to boost this regional market’s growth. Europe is likely to display substantial growth in the near future, due to increasing healthcare expenditure and rising awareness regarding several diabetic complications. The Asia Pacific is likely to propagate at a speedy rate over the forecast time period. Increasing geriatric population, growing pediatric diabetic population, multiple efforts taken by governments and non-government organizations are likely to boost this market’s growth. Latin America is likely to record a swift growth rate over the estimated time period. The Middle Eastern and African countries are expected to experience noticeable growth in the near future.
Some key players in the global insulin delivery devices market include Eli Lilly and Company, Medtronic plc., B. Braun Melsungen AG, Sanofi S.A., Novo Nordisk A/S, F. Hoffmann-La Roche Ltd., Biocon Ltd., Becton, Dickinson and Company, Valeritas, Inc., MannKind Corporation, and Insulet Corporation, among others.
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